Fed's Powell says inflation data received in Oct and Nov shows 'welcome reduction'
[1/2] Federal Reserve Board Chairman Jerome Powell speaks during a news conference following the announcement that the Federal Reserve raised interest rates by half a percentage point, at the Federal Reserve Building in Washington, U.S., December 14, 2022. REUTERS/Evelyn Hockstein
WASHINGTON, Dec 14 (Reuters) - Federal Reserve Chairman Jerome Powell said on Wednesday that recent data showing lower price pressures is not enough for the central bank to change its outlook for inflation yet.
"The inflation data received so far in October and November show a welcome reduction in the pace of price increases, but it will take substantially more evidence to give confidence inflation is on a sustained downward path," Powell said in a press conference that followed the announcement of the Fed's 50 basis point interest rate rise.
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